Q2 2025 G Mining Ventures Corp Earnings Call

Speaker #4: Good morning, and welcome to G Mining Ventures' results for the second quarter and first half of 2025. All participants are in listen-only mode.

Operator 2: Good morning. Welcome to G Mining Ventures results for Q2 and H1 of 2025. All participants are in listen-only mode. Following the formal remarks, we will open the line for questions. Please note that today's call is being recorded. I will now turn the call over to G Mining Ventures. Please go ahead.

Speaker #4: Following the formal remarks, we'll open the line for questions. Please note that today's call is being recorded. I'll now turn the call over to G Mining Ventures.

Speaker #4: Please go ahead.

Speaker #5: Thank you, operator, and good morning, everyone. My name is Jean-François Lemont, VP of Investor Relations. Before we begin, I'd like to remind everyone that certain statements made on this call may constitute forward-looking information.

Jean-François Lemonde: Thank you, operator. Good morning, everyone. My name is Jean-François Lemonde, VP of Investor Relations. Before we begin, I'd like to remind everyone that certain statements made on this call may constitute forward-looking information. Please refer to our Q2 2025 MD&A and news release for important cautionary notes and risk factors. Joining me today are Louis-Pierre Gignac, President and CEO, and Julie Lafleur, CFO. Today's remarks will walk through the operational and financial highlights of Q2 and H1 2025 progress at Oko West, updates on Gurupi, and closing the call with our catalyst and outlook for the rest of the year. Louis-Pierre, over to you.

Jean-François Lemond: Thank you, operator, and good morning, everyone. My name is Jean-François Lemond, VP of Investor Relations. Before we begin, I would like to remind everyone that certain statements made on this call may constitute forward-looking information. Please refer to our Q2 2025 MD&A and news release for important cautionary notes and risk factors. Joining me today are Louis-Pierre Gignac, President and CEO, and Julie Lafleur, CFO. Today's remarks will walk through the operational and financial highlights of Q2 and half-year 2025, progress at Oko West, updates on Gurupi, and closing the call with our catalyst and outlook for the rest of the year. Louis-Pierre, over to you.

Speaker #5: Please refer to our Q2 2025 MD&A and news release for important cautionary notes and risk factors. Joining me today are Louisia Gignac, President and CEO, and Julie Laflamme, CFO.

Speaker #5: Today's remarks will walk through the operational and financial highlights of Q2 and half-year 2025, progress at OcoWest, updates on Gourou Pay, and I’ll close the call with our panelist and look ahead to the rest of the year.

Speaker #5: Louisia, over to you.

Speaker #6: Thank you, JS, and good morning, everyone. With gold prices up nearly 40% year-over-year and sector margins at record highs, Jimin advanced on multiple fronts, reaching steady-state operations at TokenTensino.

Louis-Pierre Gignac: Thank you, JF. Good morning, everyone. With gold prices up nearly 40% year over year and sector margins at record highs, G Mining advanced on multiple fronts, reaching steady state operations at Tocantinzinho, generating record free cash flow to strengthen our cash position while progressing development at the flagship Oko West project and driving exploration across the portfolio. At Tocantinzinho, plant ramp up is now complete and expert systems commissioned are leading to gold recoveries achieving 90% in line with expectations. At Oko West, early works construction is progressing nicely and continuing to build the momentum with ramp up of the workforce now reaching 485 people. With the EPA having recently approved the ESIA, we now await the imminent issuance of the full permit.

Louis-Pierre Gignac: Thank you, Jean-François Lemond, and good morning, everyone. With gold prices up nearly 40% year-over-year and sector margins at record highs, G Mining Ventures Corp. advanced on multiple fronts, reaching steady state operations at Tocantinzinho, generating record free cash flow to strengthen our cash position while progressing development at the flagship Oko West project and driving exploration across the portfolio. At Tocantinzinho, plant ramp-up is now complete, and expert systems commissioned are leading to gold recoveries achieving 90% in line with expectation. At Oko West, early works construction is progressing nicely and continuing to build momentum with ramp-up of the workforce now reaching 485 people. With the EPA having recently approved the ESIA, we now await the imminent issuance of the full permit.

Speaker #6: Generating record-free cash flow to strengthen our cash position while progressing development at the flagship OcoWest project and driving exploration across the portfolio. At TokenTensino, plant ramp-up is now complete, and expert systems commissioned are leading to gold recoveries achieving 90% in line with expectations.

Speaker #6: At OcoWest, early works construction is progressing nicely. We are continuing to build momentum with the ramp-up of the workforce now reaching 485 people. With the EPA having recently approved the ESIA, we now await the imminent issuance of the full permit.

Speaker #6: Exploration fieldwork at Gourou Pay has identified promising growth targets, and recent positive stakeholder developments have prompted us to fast-track our exploration plans. With the drill program set to commence in Q3.

Louis-Pierre Gignac: Exploration fieldwork at Gurupi has identified promising drill targets and recent positive stakeholder developments have prompted us to fast track our exploration plans with a drill program set to commence in Q3. During Q2, we produced 42,587 ounces, bringing the H1 total to 78,165 ounces in line with our mine plan and guidance, which is weighed toward higher grades and throughput in H2. Cash costs and all-in sustaining costs remain competitive, supporting strong margins of over 1,600 per ounce at current gold prices. The high margins achieved of around 75% have translated into $96 million in year-to-date free cash flow. With $156 million in cash and net cash of $49 million, we have the financial capacity to advance Oko West while maintaining a strong balance sheet.

Louis-Pierre Gignac: Exploration fieldwork at Gurupi has identified promising drill targets, and recent positive stakeholder developments have prompted us to fast-track our exploration plans, with the drill program set to commence in Q3. During the second quarter, we produced 42,587 ounces, bringing the first half total to 78,165 ounces, in line with our mine plan and guidance, which is weighed toward higher grades and throughput in the second half. Cash costs and all-in sustaining costs remain competitive, supporting strong margins of over $1,600 per ounce at current gold prices. The high margins achieved of around 75% have translated into $96 million in year-to-date free cash flow. With $156 million in cash and net cash of $49 million, we have the financial capacity to advance Oko West while maintaining a strong balance sheet.

Speaker #6: During the second quarter, we produced 42,587 ounces, bringing the first half total to 78,165 ounces. In line with our mine plan and guidance, which is weighted toward higher grades and throughput in the second half.

Speaker #6: Cash costs and all-in sustaining costs remain competitive, supporting strong margins of over $1,600 per ounce at current gold prices. The high margins achieved, of around 75%, have translated into $96 million in year-to-date free cash flow.

Speaker #6: With $156 million in cash and net cash of $49 million, we have the financial capacity to advance OcoWest while maintaining a strong balance sheet.

Speaker #6: With 78,165 ounces produced in the first half, we have delivered 45% of the lower end of our annual guidance range of 175,000 to 200,000 ounces.

Louis-Pierre Gignac: With 78,165 ounces produced in H1, we have delivered 45% of the lower end of our annual guidance range of 175,000 to 200,000 ounces. This performance aligns with our mine plan, which is weighed toward higher grades and throughput in H2. With ramp up at the plant now complete, we anticipate a strong H2 achieving our guidance. Our all-in sustaining guidance of $1,025 to $1,155 per ounce, adjusted for a production tax introduced during the quarter, remains peer leading. H1 all-in sustaining cost was $1,170 per ounce and is expected to decline in H2 as high gold production drives unit costs lower.

Louis-Pierre Gignac: With 78,165 ounces produced in the first half, we have delivered 45% of the lower end of our annual guidance range of 175,000 to 200,000 ounces. This performance aligns with our mine plan, which is weighed toward higher grades and throughput in the second half. With ramp-up at the plant now complete, we anticipate a strong second half achieving our guidance. Our all-in sustaining guidance of $1,025 to $1,155 per ounce, adjusted for a production tax introduced during the quarter, remains pure leading. First half all-in sustaining costs were $1,170 per ounce and are expected to decline in the second half as higher gold production drives unit costs lower. With stable plant operations and an expanded mining capacity, we are well positioned to maintain strong operating momentum and meet our 2025 production and cost guidance.

Speaker #6: This performance aligns with our mine plan, which is weighted toward higher grades and throughput in the second half. With ramp-up at the plant now complete, we anticipate a strong second half achieving our guidance.

Speaker #6: Our all-in sustaining guidance of $1,025 to $1,155 per ounce, adjusted for a production tax introduced during the quarter, remains peer-leading. The first half all-in sustaining cost was $1,170 per ounce and is expected to decline in the second half as higher gold production drives unit costs lower.

Speaker #6: With stable plant operations and an expanded mining capacity, we are well positioned to maintain strong operating momentum and meet our 2025 production and cost guidance.

Louis-Pierre Gignac: With stable plant operations and an expanded mining capacity, we are well positioned to maintain strong operating momentum and meet our 2025 production and cost guidance. In Q2 at TZ, we continued to execute strongly while maintaining our focus on safety, delivering the quarter with 0 lost time incidents. Mining productivity averaged 48,000 tons per day in Q2, up 18% from Q1, reflecting improved fleet availability and haulage efficiency. We moved a total of 4.36 million tons of material, including 1.65 million tons of ore at an average grade of 1.35 grams per ton, resulting in a low strip ratio of 1.64. The additional mining equipment received in Q2 will be fully commissioned in Q3, resulting in higher mining tonnages in H2 of the year.

Speaker #6: In the second quarter, at TZ, we continued to execute strongly while maintaining our focus on safety, delivering the quarter with zero lost-time incidents. Mining productivity averaged 48,000 tons per day in Q2, up 18% from Q1, reflecting improved fleet availability and haulage efficiency.

Louis-Pierre Gignac: In the second quarter at TZ, we continued to execute strongly while maintaining our focus on safety, delivering the quarter with zero lost time incidents. Mining productivity averaged 48,000 tons per day in Q2, up 18% from Q1, reflecting improved fleet availability and haulage efficiency. We moved a total of 4.36 million tons of material, including 1.65 million tons of ore, at an average grade of 1.35 grams per ton, resulting in a low strip ratio of 1.64. The additional mining equipment received in Q2 will be fully commissioned in Q3, resulting in higher mining tonnages in the second half of the year. On the processing side, we milled 1 million tons in the quarter at an average grade of 1.45 grams per ton, with recoveries averaging 90.3%. Importantly, in May and June, we averaged approximately 96% of nameplate throughput.

Speaker #6: We moved a total of 4.36 million tons of material, including 1.65 million tons of ore, at an average grade of 1.35 grams per ton.

Speaker #6: Resulting in a low strip ratio of 1.64. The additional mining equipment received in Q2 will be fully commissioned in Q3, resulting in higher mining tonnages in the second half of the year.

Speaker #6: On the processing side, we milled 1,000,000 tons in the quarter at an average grade of 1.45 grams per ton, with recoveries averaging 90.3%. Importantly, in May and June, we averaged approximately 96% of nameplate throughput.

Louis-Pierre Gignac: On the processing side, we milled 1 million tons in the quarter at an average grade of 1.45 grams per ton, with recoveries averaging 90.3%. Importantly, in May and June, we averaged approximately 96% of nameplate throughput. These gains reflect the benefits of the April SAG mill liner replacement and the commissioning of expert control systems on the SAG mill and flotation circuits, which have improved plant stability, throughput, and enhanced flotation recovery. Cash costs in Q2 were $763 per ounce and $728 per ounce for the H1. This includes the impact of the State of Pará's production tax, implemented 27 March and revised 28 May. The change introduced a fixed component of approximately BRL 179 per ounce, or approximately $30 per ounce, which was not included in our original guidance.

Speaker #6: These gains reflect the benefits of the April Sagno liner replacement and the commissioning of expert control systems on the Sagno and flotation circuits, which have improved plant stability, throughput, and enhanced flotation recovery.

Louis-Pierre Gignac: These gains reflect the benefits of the April SagNo liner replacement and the commissioning of expert control systems on the SagNo and flotation circuits, which have improved plant stability, throughput, and enhanced flotation recovery. Cash costs in Q2 were $763 per ounce and $728 per ounce for the first half. This includes the impact of the state of Parad's production tax, implemented March 27 and revised May 28. The change introduced a fixed component of approximately 179 reais per ounce, or approximately $30 per ounce, which was not included in our original guidance. Site-level AISC was $1,246 per ounce in Q2 and $1,053 per ounce for the first half. All-in sustaining costs were $1,355 per ounce in Q2 and $1,170 per ounce for the first half.

Speaker #6: Cash costs in Q2 were $763 per ounce and $728 per ounce for the first half. This includes the impact of the State of Perraz production tax, implemented on March 27 and revised on May 28.

Speaker #6: The change introduced a fixed component of approximately $179 reais per ounce, or approximately $30 US dollars per ounce, which was not included in our original guidance.

Speaker #6: Site-level ASIC was $1,246 per ounce in Q2 and $1,053 per ounce for the first half. All-in sustaining cost was $1,355 per ounce in Q2 and $1,170 per ounce for the first half.

Louis-Pierre Gignac: Site level AISC was USD 1,246 per ounce in Q2 and USD 1,053 per ounce for H1. All-in sustaining cost was USD 1,355 per ounce in Q2 and USD 1,170 per ounce for H1. On an adjusted basis, excluding $11 million at one time sustaining capital expenditures in Q2, adjusted all-in sustaining cost was USD 1,081 per ounce in Q2 and USD 1,006 per ounce year to date. The higher sustaining capital in the quarter reflected planned tailings facility expansion, mine dewatering upgrades, and expansion of the mine fleet, with 3 additional haul trucks and a mining shovel scheduled for commissioning in early Q3. These upgrades will increase haulage capacity by approximately 18% and support productivity gains in H2.

Speaker #6: On an adjusted basis, excluding 11,000,000 at one-time sustaining capital expenditures in Q2, adjusted all-in sustaining cost was $1,081 per ounce in Q2 and $1,006 per ounce year-to-date.

Louis-Pierre Gignac: On an adjusted basis, excluding $11 million at one-time sustaining capital expenditures in Q2, adjusted all-in sustaining costs were $1,081 per ounce in Q2 and $1,006 per ounce year-to-date. The higher sustaining capital in the quarter reflected planned tailings facility expansion, mine dewatering upgrades, and expansion of the mine fleet with three additional haul trucks and a mining shovel scheduled for commissioning in early Q3. These upgrades will increase haulage capacity by approximately 18% and support productivity gains in the second half. On a unit basis, mining costs averaged $3.25 per ton mined, processing costs were $12.72 per ton milled, and G&A averaged $7.03 per ton milled. Fuel and reagent costs remained stable, helping keep processing costs in line with plan, while G&A was flat despite higher activity, reflecting disciplined cost control.

Speaker #6: The higher sustaining capital in the quarter reflected planned tailings facility expansion, mine dewatering upgrades, and expansion of the mine fleet with three additional haul trucks and a mining shovel scheduled for commissioning in early Q3.

Speaker #6: These upgrades will increase haulage capacity by approximately 18% and support productivity gains in the second half. On a unit basis, mining costs averaged $325 per ton mined, processing costs were $1,272 per ton milled, and GNA averaged $7.03 per ton milled.

Louis-Pierre Gignac: On a unit basis, mining costs averaged $3.25 per ton mined, processing costs were $12.72 per ton milled, and G&A averaged $7.03 per ton milled. Fuel and reagent costs remained stable, helping keep processing costs in line with plan while G&A was flat despite higher activity, reflecting disciplined cost control. With progression weighed to the H2 and these one-time items behind us, we expect per ounce costs to trend lower and remain within the updated 2025 guidance ranges. Sustaining capital in the H1 totaled $24 million, which is 37% of our full year guidance range of $60 to 70 million. This keeps us on track to finish within guidance, with continued spend in the H2 as we continue our tailings capacity expansion and the receipt of major components for the mine fleet.

Speaker #6: Fuel and reagent costs remain stable, helping keep processing costs in line with plan, while G&A was flat despite higher activity, reflecting disciplined cost control.

Speaker #6: With progression weighted to the second half and these one-time items behind us, we expect per-ounce costs to trend lower and remain within the updated 2025 guidance ranges.

Louis-Pierre Gignac: With progression weighed to the second half and these one-time items behind us, we expect per ounce costs to trend lower and remain within the updated 2025 guidance ranges. Sustaining capital in the first half totaled $24 million, which is 37% of our full-year guidance range of $60 million to $70 million. This keeps us on track to finish within guidance, with continued spend in the second half as we continue our tailings capacity expansion and receipt of major components for the mine fleet. Capitalized waste stripping was $6 million in the first half, on schedule with our $23 million full-year plan as we increased waste stripping in the second half. Regional exploration was $8 million in the first half of the year, split $5 million at Oko West, $2 million at TZ, and $1 million at Gurupi.

Speaker #6: Sustaining capital in the first half totaled $24 million, which is 37% of our full-year guidance range of $60 million to $70 million. This keeps us on track to finish within guidance, with continued spending in the second half as we proceed with our tailings capacity expansion and the receipt of major components for the mine fleet.

Speaker #6: Capitalized waste stripping was $6,000,000 in the first half, unscheduled with our $23,000,000 full-year plan, as we increased waste stripping in the second half. Regional expiration was $8,000,000 in the first half of the year, split as follows: $5,000,000 at OcoWest, $2,000,000 at TZ, and $1,000,000 at Gourou Pay.

Louis-Pierre Gignac: Capitalized waste stripping was $6 million in H1 on schedule with our $23 million full-year plan as we increased waste stripping in H2. Regional exploration was $8 million in H1 of the year, split $5 million at Oko West, $2 million at TZ, and $1 million at Gurupi. Following the recent favorable court ruling, Gurupi's 2025 exploration budget has been increased to $6 to 8 million from the original $2 to 4 million, with the expanded program beginning in Q3. On the development capital side, Oko West early works totaled $63 million in H1. This includes $33 million in long-term deposits for major equipment and $30 million towards on the ground early works construction such as the permanent camp, the barge landing, and access road.

Speaker #6: Following the recent favorable court ruling, Gourou Pay's 2025 expiration budget has been increased to $6 million to $8 million, up from the original $2 million to $4 million.

Louis-Pierre Gignac: Following the recent favorable court ruling, Gurupi's 2025 exploration budget has been increased to $6 million to $8 million from the original $2 million to $4 million, with the expanded program beginning in the third quarter. On the development capital side, Oko West's early works totaled $63 million in the first half. This includes $33 million in long-term deposits for major equipment and $30 million towards on-the-ground early works construction, such as the permanent camp, a barge landing, and access road. Open commitments for Oko West now total $190 million, which is spread over 2025 to 2027. Overall, our capital program is progressing in line with plan, with disciplined deployment of sustaining capital and continued investment in growth projects that will underpin our long-term production profile of 500,000 ounces per year once Oko West is in production.

Speaker #6: With the expanded program beginning in the third quarter. On the development capital side, OcoWest's early works totaled $63 million in the first half. This includes $33 million in long-term deposits for major equipment and $30 million towards on-the-ground early works construction.

Speaker #6: Such as the permanent cap, a barge landing, and an access road. Open commitments for OcoWest now total $190 million, which is spread over 2025 to 2027.

Louis-Pierre Gignac: Open commitments for Oko West now total $190 million, which is spread over 2025 to 2027. Overall, our capital program is progressing in line with plan, with disciplined deployment of sustaining capital and continued investment in growth projects that will underpin our long-term production profile of 500,000 ounces per year once Oko West in production. TZ continues to demonstrate its competitive cost position when compared to peer gold producers. For H1 2025, our All-in Sustaining Cost of $1,170 per ounce was below the peer average of $1,558 per ounce. Our cost leadership reflects the benefits of a modern processing plant, an efficient mine plan, disciplined cost control, and stable input costs. The operational momentum achieved is now translating directly into financial performance.

Speaker #6: Overall, our capital program is progressing in line with plan, with disciplined deployment of sustaining capital and continued investment in growth projects. That will underpin our long-term production profile of 500,000 ounces per year once OcoWest is in production.

Speaker #6: TZ continues to demonstrate its competitive cost position when compared to peer gold producers. For the first half of 2025, our all-in sustaining costs of $1,170 per ounce were below the peer average of $1,558 per ounce.

Louis-Pierre Gignac: TZ continues to demonstrate its competitive cost position when compared to peer gold producers. For the first half of 2025, our all-in sustaining costs of $1,170 per ounce was below the peer average of $1,558 per ounce. Our cost leadership reflects the benefits of a modern processing plant, an efficient mine plan, disciplined cost control, and stable input costs. The operational momentum achieved is now translating directly into financial performance, and now Julie Lafleur will walk you through the numbers in more detail.

Speaker #6: Our cost leadership reflects the benefits of a modern processing plant and an efficient mine plan, disciplined cost control, and stable input costs. The operational momentum achieved is now translating directly into financial performance, and now Julie will walk you through the numbers in more detail.

Louis-Pierre Gignac: Now Julie will walk you through the numbers in more detail.

Speaker #3: Thanks, Louisia. And good morning, everyone. Our Q2 and first half results reflect the benefits of TZ reaching steady-state operations. In Q2, we sold 40,082 ounces of gold at an average realized price of $3,233 per ounce, or $2,992 per ounce after the stream.

Julie Lafleur: Thanks, Louis-Pierre. Good morning, everyone. Our Q2 and H1 results reflect the benefits of TZ reaching steady-state operations. In Q2, we sold 40,082 ounces of gold at an average realized price of $3,233 per ounce or $2,992 per ounce after the stream. That drove $130 million in revenue, with the increase over Q1 coming from both higher realized prices and slightly higher ounces sold due to shipment timing. For the H1, revenue was $228 million on sales of 75,517 ounces at an after stream realized price of $2,787 per ounce.

Julie Lafleur: Thanks, Louis-Pierre, and good morning, everyone. Our Q2 and first half results reflect the benefits of TZ reaching steady state operations. In Q2, we sold 40,082 ounces of gold at an average realized price of $3,233 per ounce, or $2,992 per ounce after the stream. That drove $130 million in revenue, with the increase over Q1 coming from both higher realized prices and slightly higher ounces sold due to shipment timing. For the first half, revenue was $228 million on sales of 75,517 ounces at an after-stream realized price of $2,787 per ounce. EBITDA in the quarter was $104 million, with adjusted EBITDA of $93 million, representing a 75% margin for the first half. Net income for Q2 was $49 million, or $0.21 per share, while adjusted net income was $36 million, or $0.16 per share.

Speaker #3: That drove $130,000,000 in revenue, with the increase over Q1 coming from both higher realized prices and slightly higher ounces sold due to shipment timing.

Speaker #3: For the first half, revenue was $228,000,000 on sales, up 75,000 ounces, at an after-stream realized price of $2,797 per ounce. EBITDA in the quarter was $104,000,000, with adjusted EBITDA of $93,000,000, representing a 75% margin for the first half.

Julie Lafleur: EBITDA in the quarter was $104 million with adjusted EBITDA of $93 million, representing a 75% margin for H1. Net income for Q2 was $49 million or $0.21 per share, while adjusted net income was $36 million or $0.16 per share. For H1, net income totaled $73 million or $0.32 per share, and adjusted net income was $71 million or $0.32 per share. Free cash flow was $60 million in Q2 and $96 million year to date. Strong working capital management helped lift our quarter end cash balance to $156 million, resulting in $49 million in net cash, a milestone reached just 2 quarters into commercial production.

Speaker #3: Net income for Q2 was $49,000,000 or $0.21 per share, while adjusted net income was $36,000,000 or $16.00 per share. For the first half, net income totaled $73,000,000 or $32.00 per share, and adjusted net income was $71,000,000 or $32.00 per share.

Julie Lafleur: For the first half, net income totaled $73 million, or $0.32 per share, and adjusted net income was $71 million, or $0.32 per share. Free cash flow was $60 million in Q2 and $96 million year-to-date. Strong working capital management helped lift our quarter-end cash balance to $156 million, resulting in $49 million in net cash, a milestone reached just two quarters into commercial production. We have applied for the Sudam tax incentive, which would lower Brazil's corporate tax rate for TZ to approximately 15.25% from 34%. The process is well advanced, and we expect a decision in the second half of the year. When approved, the incentive will be retroactive to the start of 2025. Slide 14 shows how our operating performance translates into free cash flow in Q2 and year-to-date.

Speaker #3: Free cash flow was $60 million in Q2 and $96 million year-to-date. Strong working capital management helped lift our quarter-end cash balance to $156 million, resulting in $49 million in net cash—a milestone reached just two quarters into commercial production.

Speaker #3: We have applied for the Sudan Tax Incentive, which would lower Brazil's corporate tax rate for TZ to approximately 15.25% from 34%. The process is well advanced, and we expect a decision in the second half of the year.

Julie Lafleur: We have applied for the SUDAM tax incentive, which would lower Brazil's corporate tax rate for TZ to approximately 15.25% from 34%. The process is well advanced, and we expect a decision in H2 of the year. When approved, the incentive will be retroactive to the start of 2025. Slide 14 shows how our operating performance translates into free cash flow in Q2 and year to date. Operating cash flow before changes in working capital was $46 million in Q2 and $85 million for H1, supported by steady state production, strong realized gold price, and a stable cost base. A +$34 million working capital change lifts operating cash flow to $80 million in the quarter.

Speaker #3: When approved, the incentive will be retroactive to the start of 2025. Slide 14 shows how our operating performance translates into free cash flow in Q2 and year-to-date.

Speaker #3: Operating cash flow before changes in working capital was $46,000,000 in Q2 and $85,000,000 for the first half, supported by steady-state production, a strong realized gold price, and a stable cost base.

Julie Lafleur: Operating cash flow before changes in working capital was $46 million in Q2 and $85 million for the first half, supported by steady state production, strong realized gold price, and a stable cost base. A positive working capital change of $34 million lifted operating cash flow to $80 million in the quarter. Sustaining capital totaled $19 million in Q2 and $24 million year-to-date in line with plan, with major spend on tailings, facility expansion, mine dewatering upgrades, all trucks, shovel, and capital spare. These investments are positioning us for higher haulage capacity and lower unit costs in the second half. Free cash flow was $60 million in Q2 and $96 million year-to-date, representing a 42% margin in the first half, well ahead of expectations for our first year of operations.

Speaker #3: A positive working capital change of $34 million lifted operating cash flow to $80 million in the quarter. Sustaining capital totaled $19 million in Q2 and $24 million year-to-date, in line with plan, with major spending on tailings facility expansion, mine dewatering upgrades, haul trucks, shovels, and capital spares.

Julie Lafleur: Sustaining capital totaled $19 million in Q2 and $24 million year to date, in line with plan, with major spend on tailings facility expansion, mine dewatering upgrades, all trucks, shovel, and capital spare. These investments are positioning us for higher haulage capacity and lower unit costs in H2. Free cash flow was $60 million in Q2 and $96 million year to date, representing a 42% margin in H1, well ahead of expectations for our first year of operations. Non-sustaining capital was $69 million in H1, including $63 million from Oko West, largely driven by long-lead equipment deposits for grinding mills, process plant components, power plant, and mobile equipment, and $8 million for exploration and evaluation across the portfolio.

Speaker #3: These investments are positioning us for higher haulage capacity and lower unit costs in the second half. Free cash flow was $60 million in Q2 and $96 million year-to-date, representing a 42% margin in the first half.

Speaker #3: Well ahead of expectations for our first year of operations. Non-sustaining capital was $69 million in the first half, including $63 million from OcoWest, largely driven by long lead equipment deposits for grinding mills, process plant components, power plant, and mobile equipment.

Julie Lafleur: Non-sustaining capital was $69 million in the first half, including $63 million from Oko West, largely driven by long-lead equipment deposits for grinding mills, process plant components, power plant, and mobile equipment, and $8 million for exploration and evaluation across the portfolio. Quarter-end cash increased by $7 million in Q2 and $15 million year-to-date, bringing the balance to $156 million and net cash to $49 million. The takeaway is clear: discipline, execution, and cost control are driving a robust financial position, allowing us to advance Oko West from internally generated cash. With that, I turn it back to Louis-Pierre for project updates and 2025 catalyst and outlook.

Speaker #3: And $8,000,000 for exploration and evaluation across the portfolio. Quarter-end cash increased by $7,000,000 in Q2 and $15,000,000 year-to-date, bringing the balance to $156,000,000 and net cash to $49,000,000.

Julie Lafleur: Quarter end cash increased by $7 million in Q2 and $15 million year to date, bringing the balance to $156 million and net cash to $49 million. The takeaway is clear: disciplined execution and cost control are driving a robust financial position, allowing us to advance Oko West from internally generated cash. With that, I turn it back to Louis-Pierre for project updates and 2025 catalyst and outlook.

Speaker #3: The takeaway is clear: discipline, execution, and cost control are driving a robust financial position, allowing us to advance OcoWest from internally generated cash. With that, I turn it back to Louisia for project updates and the 2025 catalyst and outlook.

Speaker #5: Thank you, Julie. OcoWest stands out as one of the most attractive gold development projects in the Americas, and globally, with an exceptional production profile averaging 350,000 ounces per year and a low all-in sustaining cost of $1,123 per ounce.

Louis-Pierre Gignac: Thank you, Julie. Oko West stands out as one of the most attractive gold development projects in the Americas and globally, with an exceptional production profile averaging 350,000 ounces per year and a low all-in sustaining cost of USD 1,123 per ounce. This large-scale project offers significant leverage to the gold price, with an estimated $200 million increase in value for every $100 change in gold price. At a $3,000 per ounce gold price, the project's NPV is estimated at $3.2 billion, delivering a robust 35% after-tax IRR. We have long viewed Guyana as a tier 1 jurisdiction that fosters responsible mining development, a perspective now reinforced by the Fraser Institute's Mining Investment Attractiveness Index, which ranks Guyana ninth globally and first in Latin America and the Caribbean.

Louis-Pierre Gignac: Thank you, Julie. Oko West stands out as one of the most attractive gold development projects in the Americas and globally, with an exceptional production profile averaging 250,000 ounces per year and a low all-in sustaining cost of $1,123 per ounce. This large-scale project offers significant leverage to the gold price, with an estimated $200 million increase in value for every $100 change in gold price. At a $3,000 per ounce gold price, the project's NPV is estimated at $3.2 billion, delivering a robust 35% after-tax IRR. We have long viewed Guyana as a Tier 1 jurisdiction that fosters responsible mining development, a perspective now reinforced by the Fraser Institute's Mining Investment Attractiveness Index, which ranks Guyana ninth globally and first in Latin America and the Caribbean.

Speaker #5: This large-scale project offers significant leverage to the gold price, with an estimated $200 million increase in value for every $100 change in the gold price.

Speaker #5: At a $3,000 per ounce gold price, the project's NPV is estimated at $3.2 billion, delivering a robust 35% after-tax IRR. We have long viewed Guyana as a tier one jurisdiction that fosters responsible mining development.

Speaker #5: A perspective now reinforced by the Fraser Institute's Mining Investment Attractiveness Index, which ranks Guyana ninth globally and first in Latin America and the Caribbean.

Speaker #5: Following the completion of the FS, we seamlessly transitioned into detailed engineering, focused on supporting procurement activities and producing issue-free construction drawings and designs to feed our early works program.

Louis-Pierre Gignac: Following the completion of the FS, we seamlessly transitioned into detail engineering, focused on supporting procurement activities and producing issue for construction drawings and designs to feed our early works program. With the issuance of the interim permits, our goal has been to leverage this authorization to advance infrastructure construction, enabling a smooth ramp-up of activities once a formal construction decision is reached in H2 of this year. In H1, we spent $63 million in development capital, largely directed to deposits on equipment and advancing detail engineering, which is now 19% complete. We have expanded the exploration camp to support up to 350 people on site. The initial critical path is to deliver portions of the permanent camp facility and kitchen to enable continued ramp-up of the construction workforce in H2 of the year.

Louis-Pierre Gignac: Following the completion of the feasibility study, we seamlessly transitioned into detail engineering, focused on supporting procurement activities and producing issued for construction drawings and designs to feed our early works program. With the issuance of the interim permit, our goal has been to leverage this authorization to advance infrastructure construction, enabling a smooth ramp-up of activities once a formal construction decision is reached in the second half of this year. In the first half, we spent $63 million in development capital, largely directed to deposits on equipment and advancing detail engineering, which is now 19% complete. We have expanded the exploration camp to support up to 350 people on site. The initial critical path is to deliver portions of the permanent camp facility and kitchen to enable continued ramp-up of the construction workforce in the second half of the year.

Speaker #5: With the issuance of the interim permits, our goal has been to leverage this authorization to advance infrastructure construction, enabling a smooth ramp-up of activities once the formal construction decision is reached in the second half of this year.

Speaker #5: In the first half, we spent $63 million in development capital, largely directed to deposits on equipment and advancing detail engineering, which is now 19% complete.

Speaker #5: We have expanded the expiration cap to support up to 350 people on site. The initial critical path is to deliver portions of the permanent cap facility and kitchen to enable continued ramp-up of the construction workforce in the second half of the year.

Speaker #5: We expect this infrastructure to support up to 1,000 people by year-end. In parallel, we have progressed the barge landing, which is a key logistics infrastructure to support the project, and have significantly advanced the access road, which will reduce transportation distances, enabling safe and timely delivery of equipment and materials.

Louis-Pierre Gignac: We expect this infrastructure to support up to 1,000 people by year-end. In parallel, we have progressed the barge landing, which is a key logistics infrastructure to support the project and have significantly advanced the access road, which will reduce transportation distances, enabling safe and timely delivery of equipment and material. On the regulatory front, the EPA has approved the ESIA and now awaits the imminent issuance of the full permit. Once granted, this will mean all major environmental authorizations are secured, marking a significant milestone and a key de-risking event for the project. Financing discussions that are non-dilutive to equity shareholders are advancing, which we seek to have in place before a formal construction decision is made in the second half. Our development schedule for Oko West is intentionally designed to accelerate the path to first gold while maintaining tight control over execution risk.

Louis-Pierre Gignac: We expect this infrastructure to support up to 1,000 people by year-end. In parallel, we have progressed the barge landing, which is a key logistics infrastructure to support the project and have significantly advanced the access road, which will reduce transportation distances, enabling safe and timely delivery of equipment and materials. On the regulatory front, the EPA has approved the ESIA and now awaits the imminent issuance of the full permits. Once granted, this will mean all major environmental authorizations are secured, marking a significant milestone and a key de-risking event for the project. Financing discussions that are non-dilutive to equity shareholders are advancing, which we seek to have in place before a formal construction decision is made in the H2. Our development schedule for Oko West is intentionally designed to accelerate the path to first golds while maintaining tight control over execution risk.

Speaker #5: On the regulatory front, the EPA has approved the ESIA and now awaits the imminent issuance of the full permit. Once granted, this will mean all major environmental authorizations are secured, marking a significant milestone and a key de-risking event for the project.

Speaker #5: Financing discussions at our non-valuation to equity shareholders are advancing, which we seek to have in place before a formal construction decision is made in the second half.

Speaker #5: Our development schedule for OcoWest is intentionally designed to accelerate the path to first golds while maintaining tight control over execution risk. Procurements and detailed engineering are advancing well and remain ahead of field execution.

Louis-Pierre Gignac: Procurements and detail engineering are advancing well and remain ahead of field execution, supported by greater financial capacity and flexibility when compared to the TZ project. We have completed procurement of all long lead items, securing manufacturing slots, and further de-risking the established project timeline. This front-loaded approach positions construction to peak in 2026 and 2027, with commissioning and first gold targeted in Q4 of 2027, followed by commercial production in 2028. We are very pleased with the rapid progress being made to unlock the value of our Oko West project, which is one of the largest gold development projects globally under construction. Our strategy is straightforward: disciplined execution of the Oko West project to achieve 500,000 ounces of production in 2028. The company continues to be focused on unlocking value through its exploration program.

Louis-Pierre Gignac: Procurement and detail engineering are advancing well and remain ahead of field execution, supported by greater financial capacity and flexibility when compared to the TZ project. We have completed procurement of all long-lead items, securing manufacturing slots, and further de-risking the established project timeline. This front-loaded approach positions construction to peak in 2026 and 2027, with commissioning and first gold targeted in the last quarter of 2027, followed by commercial production in 2028. We are very pleased with the rapid progress being made to unlock the value of our Oko West project, which is one of the largest gold development projects globally under construction. Our strategy is straightforward: disciplined execution of the Oko West project to achieve 500,000 ounces of production in 2028. The company continues to be focused on unlocking value through its exploration program. Gurupi is advancing as an exciting future growth option within our portfolio.

Speaker #5: Supported by greater financial capacity and flexibility when compared to the TZ project, we have completed procurement of all long lead items, securing manufacturing slots and further de-risking the established project timeline.

Speaker #5: This front-loaded approach positions construction to peak in 2026 and 2027, with commissioning and first gold targeted in the last quarter of '27, followed by commercial production in 2028.

Speaker #5: We are very pleased with the rapid progress being made to unlock the value of our OcoWest project, which is one of the largest gold development projects globally.

Speaker #5: Under construction. Our strategy is straightforward: disciplined execution of the OcoWest project to achieve 500,000 ounces of production in 2028. The company continues to be focused on unlocking value through its exploration program.

Speaker #5: Gourou Pay is advancing as an exciting future growth option within our portfolio. The recent lifting of a long-standing injunction has opened the door for a fresh start.

Louis-Pierre Gignac: Gurupi is advancing and is an exciting future growth option within our portfolio. The recent lifting of a long-standing injunction has opened the door for a fresh start, allowing us to pursue exploration drilling permits and restart activities in earnest. The project hosts substantial open-pit resources across the 3 main deposits, totaling 1.8 million ounces of indicated resources and 0.7 million ounces of inferred resources. Historical and recent exploration work has defined a 55-km gold and soil anomaly along the 80-km long Chega Tudo corridor, with values reaching up to 1.5 grams per ton, highlighting its district-scale potential. In Q2, trenching and auger drilling confirmed the continuity of known mineralization north of Chega Tudo. These results are now informing target definition approximately 2 km further north, where we plan to commence the first drill program since acquiring the project at the end of 2024.

Louis-Pierre Gignac: The recent lifting of a longstanding injunction has opened the door for a fresh start, allowing us to pursue exploration drilling permits and restart activities in earnest. The project hosts substantial open pit resources across the three main deposits, totaling 1.8 million ounces of indicated resources and 0.7 million ounces of inferred resources. Historical and recent exploration work has defined a 55-kilometer golden soil anomaly along the 80-kilometer long Chagathoodoo corridor, with values reaching up to 1.5 grams per ton, highlighting its district-scale potential. In Q2, trenching and auger drilling confirmed the continuity of known mineralization north of Chagathoodoo. These results are now informing target definition approximately two kilometers further north, where we plan to commence the first drill program since acquiring the project at the end of 2024. To accelerate both near resource and regional opportunities, we've increased the 2025 exploration budget by $4 million.

Speaker #5: Allowing us to pursue expiration drilling permits and restart activities in earnest. The project hosts substantial open-pit resources across the three main deposits totaling 1.8 million ounces of indicated resources and 0.7 million ounces of inferred resources.

Speaker #5: Historical and recent exploration work has defined a 55% gold and soil anomaly along the 80-kilometer-long Chertitudu corridor, with values reaching up to 1.5 grams per ton, highlighting its district-scale potential.

Speaker #5: In Q2, trenching and auger drilling confirmed the continuity of known mineralization north of Chertitudu. These results are now informing target definition approximately two kilometers further north.

Speaker #5: We plan to commence the first drill program since acquiring the project at the end of 2024. To accelerate both near-resource and regional opportunities, we've increased the 2025 exploration budget by $4 million.

Louis-Pierre Gignac: To accelerate both near resource and regional opportunities, we've increased the 2025 exploration budget by $4 million. Our objective is to grow the resource base and evaluate the broader potential of this highly prospective project over the next several years while we simultaneously advance the development of Oko West. Speaking to our catalysts and outlook, we continue to execute steadily across operations, development, and exploration. In the H1 of the year, we delivered several important milestones. We published the updated Gurupi NI 43-101 resource in February. We began early works construction at Oko West in March. We released the Oko West feasibility study in April. In June, we achieved nameplate capacity at TZ, with recoveries performing as planned. In July, we published our 2024 ESG report, highlighting our progress on safety, community engagement, and environmental stewardship.

Speaker #5: Our objective is to grow the resource base and evaluate the broader potential of this highly prospective project over the next several years, while we simultaneously advance the development of OcoWest.

Louis-Pierre Gignac: Our objective is to grow the resource base and evaluate the broader potential of this highly prospective project over the next several years, while we simultaneously advance the development of Oko West. Speaking to our catalysts and outlook, we continue to execute steadily across operations, development, and exploration. In the first half of the year, we delivered several important milestones. We published the updated Gurupi NI 43101 resource in February. We began early works construction at Oko West in March. We released the Oko West feasibility study in April. In June, we achieved nameplate capacity at TZ, with recoveries performing as planned. In July, we published our 2024 ESG report, highlighting our progress on safety, community engagement, and environmental stewardship. As we look ahead to the remainder of the year, our priorities are clear.

Speaker #5: Speaking to our catalysts and outlook, we continue to execute steadily across operations, development, and exploration. In the first half of the year, we delivered several important milestones.

Speaker #5: We published the updated Gourou Pay NI 43-101 resource in February; we began early works construction at OcoWest in March. We released the OcoWest feasibility study in April.

Speaker #5: In June, we achieved nameplate capacity at TZ, with recoveries performing as planned. In July, we published our 2024 ESG report, highlighting our progress on safety, community engagement, and environmental stewardship.

Speaker #5: As we look ahead to the remainder of the year, our priorities are clear. At TZ, we will focus on maintaining safe, steady-state operations while continuing to meet our mining, processing, and cost guidance.

Louis-Pierre Gignac: As we look ahead to the remainder of the year, our priorities are clear. At TZ, we will focus on maintaining safe, steady-state operations while continuing to meet our mining, processing, and cost guidance. At Oko West, we will work toward a construction decision in H2, with early works and roughly $190 million in long-lead item procurement already committed, allowing us to move directly into full construction once the decision is made. At Gurupi, we will launch the first drill program since acquiring the project. Safety remains our top priority, and we continue to strengthen our health and safety programs, in particular, at Oko West, which will see a significant increase in workforce.

Louis-Pierre Gignac: At TZ, we will focus on maintaining safe, steady-state operations while continuing to meet our mining processing and cost guidance. At Oko West, we will work toward a construction decision in the second half, with early works and roughly $190 million in long-lead item procurement already committed, allowing us to move directly into full construction once the decision is made. At Gurupi, we will launch the first drill program since acquiring the project. Safety remains our top priority, and we continue to strengthen our health and safety program, in particular at Oko West, which will see a significant increase in workforce. With a clear set of operational development, exploration, and ESG deliverables ahead of us, the team is fully aligned to deliver, and we thank them for their hard work towards delivering to this plan. With that, I'll turn the call back to moderator to begin the Q&A.

Speaker #5: At OcoWest, we will work toward a construction decision in the second half, with early works totaling approximately $190 million and long lead item procurement already committed. This allows us to move directly into full construction once the decision is made.

Speaker #5: At Gourou Pay, we will launch the first drill program since acquiring the project. Safety remains our top priority, and we continue to strengthen our health and safety programs, particularly at OcoWest, where we will see a significant increase in workforce.

Speaker #5: With a clear set of operational, development, expiration, and ESG deliverables ahead of us, the team is fully aligned to deliver, and we thank them for their hard work towards delivering to this plan.

Louis-Pierre Gignac: With a clear set of operational development, exploration, and ESG deliverables ahead of us, the team is fully aligned to deliver, and we thank them for their hard work towards delivering to this plan. With that, I'll turn the call back to moderator to begin the Q&A.

Speaker #5: With that, I'll turn the call back to the moderator to begin the Q&A.

Speaker #4: As a reminder, to ask a question in the Q&A, press * plus 1 on your telephone keypad. Just one moment while we compile the roster.

Operator 2: As a reminder, to ask a question in the Q&A, press star plus one on your telephone keypad. Just one moment while we compile the roster. Your first question comes from the line of Michael Curran from Beacon Securities. Your line's live.

David Brown: As a reminder, to ask a question in the Q&A, press star plus one on your telephone keypad. Just one moment while we compile the roster. Your first question comes from the line of Mike Kern from Beacon Security. Your line's live.

Speaker #4: Your first question comes from the line of Mike Kern from Beacon Securities. Your line is live.

Speaker #6: Hey, good morning, ladies and gentlemen. I think the operating results that we saw last night were definitely in line with what I was looking for.

Michael Curran: Good morning, ladies and gentlemen. I think operating results that we saw this last night were definitely in line with what I was looking for. I think where I got kind of off track was the tax rate. I guess we heard a little bit of the reason is that you've applied for the lower tax rate and that won't kick in till it's approved and then it'll be retrospective, I guess, or retroactive. That I can see that partially. I guess the other issue on the tax is that I, you know, obviously only the Q2 of operating results for the TZ. I thought there'd be, you know, a significant component of deferred taxes for the first few years. Is that not the case?

Speaker 7: Good morning, ladies and gentlemen. I think the operating results that we saw last night were definitely in line with what I was looking for. I think where I got kind of off track was the tax rate. I guess we heard a little bit of the reason is that you've applied for the lower tax rate, and that won't kick in until it's approved, and then it'll be retrospective, I guess, or retroactive. So I can see that partially. I guess the other issue on the tax is that, you know, obviously only the second quarter of operating results for TZ, and so I thought there'd be a significant component of deferred taxes for the first few years. Is that not the case? Can you sort of clarify maybe what the tax rate will be and if there will be much deferred taxes in future quarters?

Speaker #6: I think we're, or I got kind of off track was the tax rate and I guess, I, I guess we heard a little bit of the reason is that you've applied for the lower tax rate and that won't kick in till it's approved and then it'll be retrospective, I guess, or retroactive.

Speaker #6: So that I, I can see that partially. I guess the other issue on the tax is that I, you know, obviously only the second quarter of operating results for TZ.

Speaker #6: And so I thought there'd be, you know, a significant component of deferred taxes for the first few years. Is that not the case? Can you sort of clarify maybe what the tax rate will be and if there will be much deferred taxes in future quarters?

Michael Curran: Can you sort of clarify maybe what the tax rate will be and if there will be much deferred taxes in future quarters?

Speaker #3: No, we don't expect to have large deferred taxes. Really, what is around the taxes is to focus on getting this Sudan incentive. This will have a large and very significant impact on our earnings per share.

Julie Lafleur: No, we don't expect having large deferred taxes. Really, what is around the taxes is really to focus to get this SUDAM incentive. This will have a large and very significant impact on our earnings per share.

Julie Lafleur: No, we do not expect having large deferred taxes. Really, what is around the taxes is to focus to get this Sudam incentive. This will have a large and very significant impact on our earnings per share.

Speaker #6: Right. So, like you said, you've applied for that. It might kick in later this year, but it'll be retroactive for the full year 2025.

Michael Curran: Great. Like you said, that you've applied for that, it might kick in later this year, but it'll be retroactive for full year 2025. Is that correct?

Speaker 7: Right. As you said, you have applied for that. It might kick in later this year, but it will be retroactive for full year 2025. Is that correct?

Speaker #6: Is that correct?

Speaker #3: Correct. Exactly. Correct.

Julie Lafleur: Correct. Exactly. Correct.

Julie Lafleur: Correct. Exactly. Correct.

Speaker #6: Very good. Thank you very much.

Michael Curran: Very good. Thank you very much.

Speaker 7: Very good. Thank you very much.

Speaker #3: Welcome.

Julie Lafleur: Welcome.

Julie Lafleur: Welcome.

Speaker #4: Your next question comes from the line of Fahad Tariq from Jefferies. Your line is live.

Operator 2: Your next question comes from the line of Fahad Tariq from Jefferies. Your line is live.

David Brown: Your next question comes from the line of Fahad Tariq from Jefferies. Your line is live.

Speaker #7: Hi. Thanks for taking my question. Can you give some color on the percentage of nameplate that you've achieved in July at TZ?

Fahad Tariq: Hi. Thanks for taking my question. Can you give some color on the percentage of nameplate that you've achieved in July at TZ?

Speaker 7: Hi. Thanks for taking my question. Can you give some color on the percentage of nameplate that you've achieved in July at TZ? What we've reported this quarter is 96% of nameplate for May and June, and we've continued that trend in July so far as well. Okay. In terms of the second half on recoveries, is there room for improvement in the recoveries, or is this kind of what we should expect around 90%? What we've been seeing so far is slightly above 90%, and this is related to head grade. As the head grade goes up, we're getting a slightly better recovery. We could see it between 90% and 92% in the second half. Okay. Just a last question, going back to taxes.

Speaker #6: Yeah, what we reported this quarter is 96% of nameplate for May and June, and we've continued that trend in July so far as well.

Louis-Pierre Gignac: What we reported this quarter is 96% of nameplate for May and June, and we've continued that trend in July so far as well.

Speaker #7: Okay. And then in terms of the second half on recoveries, is there room for improvement in the recoveries, or is this kind of what we should expect, around 90%?

Fahad Tariq: Okay. In terms of H2 on recoveries, is there room for improvement in the recoveries or is this kind of what we should expect around 90%?

Louis-Pierre Gignac: What we've been seeing so far is slightly above 90%. This is related to grade, head grade. As the head grade goes up, we're getting a slightly better recovery. We could see it between 90% and 92% in H2.

Speaker #6: What we've been seeing so far is slightly above 90%. This is related to the grade—head grade. As the head grade goes up, we're getting a slightly better recovery.

Speaker #6: So we could see it between 90% and 92% in the second half.

Speaker #7: Okay. And just, and just the last question on, on just going back to taxes. The Sudan tax incentive that you've applied for, just to clarify, that, that would be on the corporate level for income taxes, but that would not affect at the site level the production tax crowns.

Fahad Tariq: Okay. Just the last question on just going back to taxes. The SUDAM tax incentive that you've applied for, just to clarify, that would be on the corporate level for income taxes, but that would not affect at the site level, the production tax grounds. Is that correct?

Speaker 7: The Sudam tax incentive that you've applied for, just to clarify, that would be on the corporate level for income taxes, but that would not affect at the site level the production tax grounds. Is that correct?

Speaker #7: Is that correct?

Julie Lafleur: Just to clarify, this is really an incentive at Brazil level. It's really the statutory rate in Brazil that will be reduced by this using this incentive.

Speaker #3: So just to clarify, this is really an incentive at the Brazil level. So it's really the statutory rate in Brazil that will be reduced by this in using this incentive.

Julie Lafleur: This is really an incentive at Brazil level. It is the statutory rate in Brazil that will be reduced by using this incentive.

Speaker #6: And, and yeah, the production tax per se doesn't get affected by this, Sudan.

Louis-Pierre Gignac: Yeah, the production tax per se doesn't get affected by this SUDAM.

Speaker 7: The production tax per se does not get affected by this Sudam.

Speaker #3: No.

Julie Lafleur: No.

Julie Lafleur: No.

Speaker #6: Okay. Thank you.

Fahad Tariq: Okay. Thank you.

Speaker 7: Okay. Thank you.

Speaker #4: Your next question comes from the line of Michael Siperko from RBC Capital Markets. Your line’s live.

Operator 2: Your next question comes from the line of Michael Siperco from RBC Capital Markets.

David Brown: Your next question comes from the line of Michael Siperko from RBC Capital Market. Your line's live.

Speaker #8: Yeah, thanks very much. And, and thanks for taking my question. Switching gears to OcoWest, you gave us a bit of an outline.

Michael Siperco: Yeah. Thanks very much, and thanks for taking my question. Switching gears to Oko West. You gave us a bit of an outline. I am wondering if you can maybe expand on that a little bit in terms of milestones over the next six months and how we should look at spending in the context of guidance. Maybe in other words, is the $200 to 240 million in CapEx dependent now on the specific timing of the permits and the construction decisions?

Speaker 7: Yeah, thanks very much, and thanks for taking my question. Switching gears to Oko West, you gave us a bit of an outline. I am wondering if you can maybe expand on that a little bit in terms of milestones over the next six months and how we should look at spending in the context of guidance. Or maybe in other words, is the $200 million to $240 million in CapEx dependent now on the specific timing of the permits and the construction decision? Not so much based on timing of the permits. It is more just delivery of equipment and related to that timing. What we have seen is, obviously, we are ramping up activities on site. So the spend level is increasing month to month here. That is really the case. We are still guiding about the same range for Oko for this year.

Speaker #8: I'm wondering if you can maybe expand on that a little bit, in terms of milestones over the next six months. And how should we look at spending in the context of guidance? Or, maybe in other words, is the $200 million to $240 million in CapEx dependent now on the specific timing of the permits and the construction decision?

Louis-Pierre Gignac: Yeah. Not so much, based on timing, the permits. It's more just delivery of equipment and related to that timing. What we've seen is, you know, obviously we're ramping up activities on site. The spend level is increasing kinda month to month here. Yeah, that's really the case. Yeah, we're still guiding about the same range for Oko for this year. Yeah, like we mentioned, there's $190 million of open commitments. That obviously is phased over 2025 to till the end of the project. It's not all coming this year, obviously.

Speaker #6: Yeah, not so much based on timing. The permits—it's more just the delivery of equipment, and related to that timing. But what we've seen is, you know, obviously we're ramping up activities on site.

Speaker #6: So, the spend level is increasing kind of month to month here. But, yeah, that's really the case. So, yeah, we're still guiding about the same range for Oco for this year.

Speaker #6: And, yeah, like we mentioned, there's $190 million of open commitments. So that obviously is phased over 2025 to the end of the project, so it's not all coming this year, obviously.

Speaker 7: Like we mentioned, there is $190 million of open commitments. That obviously is phased over 2025 until the end of the project. So it is not all coming this year, obviously. Right. Okay. We should not necessarily be expecting a significant increase once the final permits come in. It is more how these items come up and you pay for them as the project ramps up. Is that fair to say? Yeah, that is fair to say. Okay. In terms of Gurupi, I mean, I understand it is pretty early days and you have got to get drilling. How do you think about development and advancement there in conjunction with Oko West construction over the next couple of years? Are you comfortable taking on two projects at the same time, more than two? How are you thinking about growth in that context?

Speaker #6: Right. Okay. So we shouldn't necessarily be expecting a significant increase once the final permits come in. It's more about how these items come up and you pay for them as the project ramps up.

Michael Siperco: Right. Okay. We shouldn't necessarily be expecting a significant increase once the final permits come in. It's more how these items come up, and you pay for them as the project ramps up. Is that fair to say?

Speaker #6: Is that fair to say? Yep, that's fair to say. So, yeah.

Louis-Pierre Gignac: Yep. No, that's fair to say, so yep.

Speaker #8: Okay. And then,

Michael Siperco: Okay. Then, in terms of Gurupi, I understand it's pretty early days and you've gotta get drilling. How do you think about development and advancement there in conjunction with Oko West construction over the next couple of years? Are you comfortable taking on two projects at the same time, more than two? How are you thinking about growth in that context?

Speaker #6: in, in terms of, of Gourou Pay, I, I mean, I, I understand it's, it's pretty, early days and, and you've got to get, drilling.

Speaker #6: but, but how do you think about development and advancement there in conjunction with, OcoWest construction over the over the next couple of years? are, are, are you comfortable taking on two projects at the same time more than two, how, how are you thinking about growth in that context?

Speaker #6: Yeah. In the context of Gourou Pay, I mean, obviously the objective is to start drilling again, which we expect to do in September. What we see there is really advancing the project with drilling and essentially redoing permitting and studies while we're constructing OcoWest.

Speaker 7: In the context of Gurupi, I mean, obviously, the objective is to start drilling again, which we expect to do in September. What we see there is really advancing the project with drilling and essentially redoing permitting and studies while we are constructing Oko West. That is the objective. That is not a lot of, call it, spend compared to building a project. The objective there is to see how we can advance that on an accelerated basis to make it a viable, construction-ready project once Oko West is delivered. We are excited. We feel that we have turned around the project quite significantly since taking control of it at the end of 2024. We definitely are excited by starting the drilling programs again, just given the exciting targets that we have in front of us. Okay, great. Maybe a broader question.

Louis-Pierre Gignac: In the context of Gurupi, I mean, obviously, the objective is to start drilling again, which we expect to do in September. What we see there is really advancing the project with drilling and essentially redoing permitting and studies while we're constructing Oko West. That's the objective. That's not a lot of, call it spend, compared to building a project. The objective there is to see how we can advance that on a accelerated basis to make it a viable, you know, construction-ready project once Oko West is de-delivered. You know, we're excited. We feel that we've turned around the project quite significantly since taking control of it at the end of 2024.

Speaker #6: So that's the objective. So that's not a lot of, call it spend, compared to building a project. The objective there is to see how we can advance that on an accelerated basis to make it a viable, you know, construction-ready project once OcoWest is delivered.

Speaker #6: So, you know, we're excited. We feel that we've turned around the project quite significantly since taking control of it at the end of 2024.

Louis-Pierre Gignac: Yeah, we definitely are excited by starting the drilling programs again, just given the exciting targets that we have in front of us.

Speaker #6: And yeah, we definitely are excited about starting the drilling programs again, just given the exciting targets that we have in front of us.

Speaker #8: Okay. Great. May, maybe a broader question. I mean, obviously you've been involved in the M&A market here for, for the last, couple of years.

Michael Siperco: Okay, great. Maybe a broader question. I mean, obviously, you've been involved in the M&A market here for the last couple of years. I'm not sure we've really heard your view on things maybe since the Oko West transaction or the transaction that netted you Oko West. Can you comment maybe on how you've seen things change in the market? Valuations have clearly come up on the developer side. Can you comment on maybe where you're prioritizing in terms of spending your time looking at other projects if you're doing that at the moment?

Speaker 7: I mean, obviously, you have been involved in the M&A market here for the last couple of years, but I am not sure we have really heard your view on things maybe since the Oko West transaction or the transaction that netted you Oko West. Can you comment maybe on how you have seen things change in the market? Valuations have clearly come up on the developer side. Can you comment on maybe where you are prioritizing in terms of spending your time looking at other projects, if you are doing that at the moment? I mean, obviously, we have a lot of spend in front of us with Oko West and a lot of focus on that. Like it was the case for Gurupi, we are always looking at M&A opportunities that fit within our criteria.

Speaker #8: But I'm not sure we've really heard your view on things, maybe since the OcoWest transaction or the transaction that netted you OcoWest.

Speaker #8: Can you comment on how you've seen things change in the market? Valuations have clearly come up on the developer side.

Speaker #8: Can you comment on maybe where you're prioritizing in terms of spending your time looking at other projects? If you're doing that at the moment?

Louis-Pierre Gignac: Yeah. I mean, obviously, we're, we have a lot of spend in front of us with Oko West and a lot of focus on that. You know, like it was the case for Gurupi, we're always looking at M&A opportunities that fit within our criteria. Yeah, I think you've seen a lot of, you know, you've seen valuations come up with the consensus price kinda rising every month to month. I think the M&A side is looking a little more expensive at this point.

Speaker #6: Yeah, I mean, obviously we have a lot of spend in front of us with OcoWest and a lot of focus on that.

Speaker #6: you know, like it was the case for Gourou Pay, we're always looking at, M&A opportunities that fit within our, our criteria. but yeah, I think you've seen a lot of, you know, you've seen valuations come up, with the consensus price kind of ra-ra-rising every month, month to month.

Speaker 7: But I think you have seen a lot of, you have seen valuations come up with the consensus price kind of rising every month, month to month. I think the M&A side is looking a little more expensive at this point. Okay. Great. No, fair enough. Thanks very much. I appreciate the time. Thanks.

Speaker #6: I think the M&A side is looking a little more expensive at this point.

Speaker #8: Okay. Great. No, fair enough. Thanks very much. I appreciate the time.

Michael Siperco: Okay, great. No, fair enough. Thanks very much. I appreciate the time.

Speaker #6: Thanks.

Louis-Pierre Gignac: Thanks.

Speaker #4: Your next question comes from the line of Anita Soni from CIBC. Your line is live.

Operator 2: Your next question comes from the line of Anita Soni from CIBC. Your line is live.

David Brown: Your next question comes from the line of Anita Soni from CIBC. Your line is live.

Speaker #3: Hi. good morning. thanks for taking my questions. just the first one. On the contingent, sorry, the def the contingent payment, the deferred consideration that needs to be paid to El Dorado, I think it's the one-year anniversary that you pay it on.

Anita Soni: Hi, good morning. Thanks for taking my questions. Just the first one, on the contingent payment, the deferred consideration that needs to be paid to Eldorado Gold, I think it's the 1-year anniversary that you pay it on. I think it was around $60 million. If I'm not incorrect, you had also entered into an option to defer about half of it. Are you planning to pay the $60 million on 3 September or just $30 million of it and use the deferral?

Speaker 8: Hi. Good morning. Thanks for taking my questions. Just the first one, on the contingent payment, the deferred consideration that needs to be paid to El Dorado, I think it is the one-year anniversary that you pay it on. I think it was around $60 million. If I am not incorrect, you had also entered into an option to defer about half of it. Are you planning to pay the $60 million on September 3rd or just $30 million of it and use the deferral?

Speaker #3: I think it was around $60 million. And if I'm not incorrect, you had also entered into an option to defer about half of it.

Speaker #3: So, are you planning to pay the $60 million on September 3rd, or just $30 million of it and use the deferral?

Speaker #6: Yeah. We're planning to pay the full $60 million in September. Given the additional costs that come with deferring it, it is not in our favor at that point.

Louis-Pierre Gignac: Yeah. We're planning to pay the full $60 million in September.

Speaker 7: We are planning to pay the full $60 million in September. Given the additional cost that comes with deferring it, it is not in our favor at that point.

Anita Soni: Okay.

Louis-Pierre Gignac: just given the additional cost that comes with deferring it, is not in our favor at that point.

Speaker #3: Okay. And then, the, just in terms of, visibility in, in terms of the outlook for 2026, I, I unders if there's obviously there's been some, shifting from the, the technical report, but, you know, in terms of the timeline startup, but if we're if we're thinking about following the technical report, should we be expecting, sort of grade to fall off in the back half of 2026 or, you know, what should we be thinking about in terms of, the mine sequencing and how that's changed as you started up this asset?

Anita Soni: Okay. The just in terms of visibility in terms of the outlook for 2026, I understand there's obviously been some shifting from the technical report, but, you know, in terms of the timeline startup. If we're thinking about following the technical report, should we be expecting sort of grade to fall off in the back half of 2026? You know, what should we be thinking about in terms of the mine sequencing and how that's changed as you started up this asset?

Speaker 8: Okay. Then, just in terms of visibility and in terms of the outlook for 2026, I understand there has obviously been some shifting from the technical report, but in terms of the timeline startup, if we are thinking about following the technical report, should we be expecting grades to fall off in the back half of 2026, or what should we be thinking about in terms of the mine sequencing and how that has changed as you started up this asset?

Louis-Pierre Gignac: Yeah. I would say, 2026 and essentially the first 5 years of the mine life are pretty consistent in terms of gold production. We expect a solid 5 years, and then at that point, we do have a few periods where we end up drawing on some stockpiles to complement direct feed from the pit. That'll be subject to continued optimization and additional exploration that we're doing around the pit area. Essentially we have a very solid 5 years in front of us, you know.

Speaker #6: Yeah, I would say that 2026 and essentially the first five years of the mine life are pretty consistent in terms of gold production.

Speaker 7: I would say 2026, and essentially the first five years of the mine life are pretty consistent in terms of gold production. We expect a solid five years, and then at that point, we do have a few periods where we end up drawing on some stockpiles to complement direct feed from the pit. That will be subject to continued optimization and additional exploration that we are doing around the pit area. Essentially, we have a very solid five years in front of us.

Speaker #6: So, yeah, we expect a solid five years, and then at that point, we do have a few periods where we end up drawing on some stockpiles to complement direct feed from the pit.

Speaker #6: But yeah, that'll be subject to continued optimization and additional exploration that we're doing around the pit area. So yeah, essentially, we have a very solid five years in front of us.

Speaker #6: And, you know, in the range of $200,000 ounces.

Speaker 8: And just.

Speaker 7: In the range of the 200,000 ounces.

Anita Soni: Right.

Louis-Pierre Gignac: the 200,000 ounces.

Speaker #3: Okay. I just noticed that the original technical report had some peaks and valleys, and I guess you must have smoothed out year three, where it was supposed to be a lower grade year, and then year five was a very high grade year.

Anita Soni: Okay. Just the original technical report had some peaks and valleys, and I guess you must have smoothed out year three, where it was supposed to be about a lower grade year, and then year five was a, was a very high grade year. Basically just looking for a smoother profile from the technical report then.

Speaker 8: Okay. The original technical report had some peaks and valleys. I guess you must have smoothed out year three, where it was supposed to be about a lower grade year, and then year five was a very high grade year. So basically, just looking for a smoother profile from the technical report then.

Speaker #3: So, basically, just looking for a smoother profile from the technical report, then.

Speaker #6: Yeah.

Louis-Pierre Gignac: Yeah.

Speaker 7: Yeah.

Speaker #3: Okay. And then, just in terms of your financing package that you were going to be announcing, I think later this year, can you give us an idea of the proportions of where you think you'll be getting the funds to finance OcoWest?

Anita Soni: Okay. Then just in terms of your financing package that you were going to be announcing, I think, later this year, can you give us an idea of, you know, the proportions of where you think you'll be getting the funds to fund Oko West?

Speaker 8: Okay. Then just in terms of your financing package that you were going to be announcing, I think, later this year, can you give us an idea of the proportions of where you think you will be getting the funds to fund Oko West?

Speaker #6: Yeah. So essentially, we have some equipment financing that will be available to us with the equipment that we purchased. There’s about $45 million that will be an initial tranche on that.

Louis-Pierre Gignac: Essentially we have some equipment financing that's gonna be available to us with the equipment that we purchased. There's about $45 million that will be an initial tranche on that. We're in discussions on a debt financing package right now that will complement or, you know, complete our financing package for Oko West. That's in the works. We're in discussions and due diligence phases with the counterparties.

Speaker 7: Essentially, we have some equipment financing that is going to be available to us with the equipment that we purchased. There is about $45 million that will be an initial tranche on that. We are in discussions on a debt financing package right now that will complement or complete our financing package for Oko West. That is in the works. We are in discussions and due diligence phases with the counterparties.

Speaker #6: And we're in discussions on a debt financing package right now that will complement our, you know, complete our financing package for OcoWest. So that's in the works.

Speaker #6: We're in discussions and due diligence phases with the counterparties.

Speaker #3: Okay. I think that's it for my questions. Thanks.

Anita Soni: Okay. I think that's it for my questions. Thanks.

Speaker 8: Okay. I think that's it for my questions. Thanks.

Speaker #6: Thanks.

Louis-Pierre Gignac: Thanks.

Speaker 7: Thanks.

Speaker #4: Your next question comes from the line of Andrew McAtoo from Nashville Bank Financial.

Operator 2: Your next question comes from the line of Andrew Mikitchook from National Bank Financial.

David Brown: Your next question comes from the line of Andrew McAtamney from National Bank Financial.

Speaker #7: Well, I haven't changed banks. Still at BMO? LP, lots of great questions have already been asked. But can we just come back to the all-in sustaining costs?

Andrew Mikitchook: Well, I haven't changed banks. Still at BMO. LP, lots of great questions have been asked. Can we just come back to the all-in sustaining cost and the sustaining capital. I think the profile of sustaining capital that went into Q2 was slightly maybe smoothed, is the correct word, from what was discussed on the Q1 conference call. There's $40 something million left in H2. Is that kinda evenly spread out now, or is there still some lumpiness to it?

Speaker 7: I haven't changed banks. Still a BMO. Lots of great questions are even asked. Can we just come back to the all-in sustaining costs and the sustaining capital? I think the profile of sustaining capital that went into Q2 was slightly maybe smoothed is the correct word from what was discussed on the Q1 conference call. There's $40-something million left in the second half of the year. Is that kind of evenly spread out now, or is there still some lumpiness to it? That's a good question. Obviously, a lot of the sustaining capital items are sometimes related to delivery of things from suppliers. That's sometimes where we don't have full control over that. The piece there is essentially major components for the mine fleet. We expect to be receiving that spread out over Q3 and Q4.

Speaker #7: And the sustaining capital. I think the profile of sustaining capital that went into Q2 was slightly, maybe smoothed, is the correct word, from what was discussed on the Q1 conference call.

Speaker #7: And there's $40-something million left in the second half of the year. Is that kind of evenly spread out now, or is there still some lumpiness to it?

Louis-Pierre Gignac: Yeah, that's a good question. Obviously, a lot of the sustaining capital items are sometimes related to delivery of things from suppliers. That's sometimes where we don't have full control over that. The piece there is essentially major components for the mine fleets. We expect to be receiving that spread out over Q3 and Q4. What you maybe have noticed in our tables is obviously the capitalized waste stripping is at $6 million for the H1, below the $23 guided for the year. We do expect that to go up, evenly spaced over Q3 and Q4 as we increase our mining rate and mine more waste.

Speaker #6: Yeah, that's a good question. Obviously, a lot of the sustaining capital items are sometimes related to the delivery of things from suppliers, so that's sometimes where we don't have full control over that.

Speaker #6: So the piece there is essentially a major component for the mine fleet. We expect to be receiving that spread out over Q3 and Q4.

Speaker #6: And what you may have noticed in our tables is obviously that the capitalized waste stripping is at $6 million for the first half, below the 2023 guidance for the year.

Speaker 7: What you maybe have noticed in our tables is obviously the capitalized waste stripping is, you know, at $6 million for the first half, below the $23 million guided for the year. We do expect that to go up kind of evenly spaced over Q3 and Q4 as we increase our mining rate and mine more waste. If anything, I think at this point, it's actually going to be a little more weighed towards Q4 based on our updated forecast. I guess those are related. You need that extra mine fleet and supplies and commissioning of that fleet to ramp up that pre-strip. Correct. We received the equipment at the end of Q2. It's been commissioned and it's going to be put into full production in Q3. That's what's ramping up our mining rates and allowing us to mine more waste at this point. Okay.

Speaker #6: So we do expect that to go up, kind of evenly spaced over Q3 and Q4 as we increase our mining rate and mine more waste.

Louis-Pierre Gignac: If anything, I think, at this point, it's actually gonna be a little more weighed towards Q4, based on our, our updated forecast.

Speaker #6: But if anything, I think at this point it's actually going to be a little more weighted towards Q4, based on our updated forecast.

Speaker #7: And I guess those are related. You need that extra mine fleet, then supplies and commissioning of that fleet to ramp up—that pre-strip.

Andrew Mikitchook: I guess those are related. You need that extra mine fleet, supplies, and commissioning of that fleet to ramp up that pre-strip.

Speaker #6: Yeah. Correct. So we received the equipment and, and at the end of Q2, so it's, you know, it's got, it's been commissioned and it's going to be put into, full production in Q3.

Louis-Pierre Gignac: Yeah, correct. We received the equipment in at the end of Q2. It's, you know, it's got, it's been commissioned, and it's gonna be put into full production in Q3. That's what's ramping up our mining rates and allowing us to mine more waste at this point.

Speaker #6: So, that's what's ramping up our mining rates and allowing us to mine more waste at this point.

Andrew Mikitchook: Okay. Well, that's all I've got for questions. Maybe congratulations are definitely in order to your talented team that made all this work and is now running this mine very well. Everyone looks forward to great news and updates from Oko.

Speaker #7: Great. Well, that's all I've got for questions. Maybe congratulations are definitely in order to your talented team that made all this work and is now running this mine very well.

Speaker 7: That's all I've got for questions. Maybe congratulations are definitely in order to your talented team that made all this work and is now running this mine very well. Everyone looks forward to great news and updates from Oko West. Thank you, Andrew.

Speaker #7: Everyone looks forward to great news and updates from Oco.

Speaker #6: Yeah. Thank you, Andrew.

Louis-Pierre Gignac: Yeah. Thank you, Andrew.

Speaker #4: Your next question comes from the line of Don McLean from Paradigm Capital. Your line is live. Don McLean, your line is live. It seems they are unavailable.

Operator 2: Your next question comes from the line of Don MacLean from Paradigm Capital. Your line is live. Don MacLean, your line is live. It seems they are unavailable. Moving on to Allison Carson from Desjardins. Your line is live.

David Brown: Your next question comes from the line of Don McLean from Paradigm Capital. Your line is live. Don McLean, your line is live. Seems they're unavailable. Moving on to Allison Carson from DAY Jardine. Your line is live.

Speaker #4: Moving on to Allison Carson from Desjardins. Your line is live.

Speaker #3: Great. Thanks. And good morning, and thank you for taking my question. It's just a quick one, and sorry, one more follow-up on the taxes, and apologies if I missed this.

Allison Carson: Great. Thanks, and good morning, and thank you for taking my question. It's just a quick one, and sorry, one more follow-up on the taxes, and apologies if I missed it. I believe there's a line in the MD&A that said part of the increase was the non-Brazilian assets that drove the higher tax rate for the quarter. Is this correct, and is that expected to continue for the rest of the year?

Speaker 8: Great. Thanks. Good morning, and thank you for taking my question. It is just a quick one and sorry, one more follow-up on the taxes and apologies if I missed this. I believe there is a line in the MD&A that said part of the increase was the non-Brazilian assets that drove the higher tax rate for the quarter. Is this correct, and is that expected to continue for the rest of the year?

Speaker #3: I believe there's a line in the MD&A that said part of the increase was the non-Brazilian assets that drove the higher tax rate for the quarter.

Speaker #3: Is this correct, and is that expected to continue for the rest of the year? Maybe you can just repeat your question, please? Sure.

Julie Lafleur: Maybe, can you just repeat your question, please?

Julie Lafleur: Maybe, can you just repeat your question, please?

Allison Carson: Sure. I believe there was a line in the MD&A that said part of the higher tax rate was from the non-Brazilian assets. Is that correct? If so, is that expected to continue for the rest of the year?

Speaker 8: Sure. I believe there was a line in the MD&A that said part of the higher tax rate was from the non-Brazilian assets. Is that correct? If so, is that expected to continue for the rest of the year?

Speaker #7: I believe there was a line in the MD&A that said part of the higher tax rate was from the non-Brazilian assets. Is that correct?

Speaker #7: And if so, is that expected to continue for the rest of the year?

Julie Lafleur: Sorry, I will have to check the sentence you referred to in the MD&A. Just to clarify, our tax rate is entirely, our tax income payable is entirely related to our asset in Brazil.

Speaker #3: Sorry, I will have to check the sentence you referred to in the MD&A. But just to clarify, our tax rate is entirely related to our income tax payable, which is entirely connected to our asset in Brazil.

Julie Lafleur: Sorry, I will have to check the sentence you referred to in the MD&A. But just to clarify, our tax rate is entirely, our tax income payable is entirely related to our asset in Brazil.

Speaker #7: Okay.

Allison Carson: Okay.

Speaker 8: Okay.

Speaker #3: This

Speaker #3: This is the only jurisdiction in the world where we have income tax expenses.

Julie Lafleur: This is the only jurisdiction in the world that we have income tax expense.

Julie Lafleur: This is the only jurisdiction in the world that we have income tax expense.

Speaker #7: Okay.

Allison Carson: Okay. Thank you.

Speaker 8: Okay.

Speaker #6: So yeah. I think the point is our, our costs in, in Canada don't, don't benefit from, having income in Canada, so that it essentially increases, you know, our corporate effective tax rate.

Louis-Pierre Gignac: Yeah, I think the point is our costs in Canada don't benefit from, having income in Canada, so that it essentially increases, you know, our corporate effective tax rate.

Speaker 7: I think the point is our costs in Canada don't benefit from having income in Canada, so that it essentially increases our corporate effective tax rate.

Speaker #7: Okay. So as you get the incentive, just the tax rate overall should decrease then?

Allison Carson: Okay. As you get the incentive, just the tax rate overall should just decrease then?

Speaker 8: Okay. As you get the incentive, the tax rate overall should just decrease then?

Speaker #6: Yeah. Driven, driven in Brazil, which will decrease. Yeah.

Louis-Pierre Gignac: Yeah, driven in Brazil, which will decrease. Yeah.

Speaker 7: Yeah, driven in Brazil, which will decrease, yeah.

Speaker #7: Okay. Thank you.

Allison Carson: Okay. Thank you.

Speaker 8: Okay. Thank you.

Speaker #4: Your next question comes from the line of Don McLean from Paradigm Capital Inc. Your line is live.

Operator 2: Your next question comes from the line of Don MacLean from Paradigm Capital Inc. Your line is live.

David Brown: Your next question comes from the line of Don McLean from Paradigm Capital Inc. Your line is live.

Speaker #8: Thank you. I hope you can hear me this time. Sorry about the poor reception. Just to congratulate you on the Gourou Pay. That's very impressive how quickly you turned that situation around.

Don MacLean: Thank you. Yeah, hopefully, you can hear me this time. Sorry about the poor reception. Just a congratulations on the Gurupi. That's very impressive how quickly you turned that situation around. Two questions. One is, can we get an update on the grade and tons reconciliation at TZ? Second, maybe how the exploration at Oko West, how that's coming along, if you've had any recent joy in some of the things you're seeing relative to the model that was used in the feasibility study.

Speaker 7: Thank you. Hopefully, you can hear me this time. Sorry about the poor reception. Just congratulations on the Gurupi. That is very impressive how quickly you turned that situation around. I have two questions. One is, can we get an update on the grade and tons reconciliation at Tocantinzinho? My second question is, maybe how the exploration at Oko West, how that is coming along, if you have had any recent joy in some of the things you are seeing relative to the model that was used in the feasibility study. Sure. In terms of grade reconciliation, we have been reconciling quite well with our long-term reserve model. We have been stockpiling, obviously, most of the low grade, and you have seen our stockpile numbers go up month to month. That is obviously part of our mining strategy at this point.

Speaker #8: Two questions. One is: can we get an update on the grade and tons reconciliation at TZ? And then, second, maybe how the expiration at OcoWest is coming along, if you've had any recent joy in some of the things you're seeing relative to the model that was used in the feasibility study.

Speaker #6: Y sure. So yeah, in terms of grade reconciliation, you know, we've been reconciling quite well with our long-term reserve model. You know, we've been stockpiling, obviously, most of the low grade, and you've seen our stockpile numbers go up.

Louis-Pierre Gignac: Sure. In terms of grade reconciliation, you know, we've been reconciling quite well with our long-term reserve model. You know, we've been stockpiling obviously, most of the low grade, and you've seen our stockpile numbers go up month to month. That's obviously part of our mining strategy at this point. Obviously we're feeding higher grades to the plant, and we're able to feed an average of 145 g/t in Q2. When you look at just June alone, we had about a 1.6 grade to the plant. That's obviously leading into the fact that we're accessing some of the higher grade zones at depth and is the reason why our gold production is higher in H2.

Speaker #6: Month to month, so that's obviously part of our mining strategy at this point. We are feeding higher grades to the plant, and we were able to feed an average of 145 grams per ton in Q2.

Speaker 7: So obviously, we are feeding higher grades to the plant, and we are able to feed an average of 1.45 grams per ton in Q2. When you look at just June alone, we had about a 1.6 grade to the plant. That is obviously leading into the fact that we are accessing some of the higher grade zones at depth and is the reason why our gold production is higher in the second half. It is a nice model. It is a bulk deposit, so a lot less risk when it comes to variances between our expectations and modeling in actual results. Just on exploration, obviously, we have continued exploring at Oko West, which is a bit of a challenge at this point given that most of our team on site is dedicated to construction.

Speaker #6: And when you look at just June alone, we had about a 1.6 grade to the plant. So that's obviously leading into the fact that we're accessing some of the higher grade zones at depth, and is the reason why our gold production is higher in the second half.

Louis-Pierre Gignac: Yeah, so it's, you know, it's a nice model. It's a bulk deposit, so a lot less risk when it comes to variances between our, you know, expectations and modeling in actual results. Yeah, just on exploration, obviously we've continued exploring at Oko West, which is a bit of a challenge at this point, given that most of our team on site is dedicated to construction. Yeah, we've been drilling, and we've been drilling to the north and to the south of the main pit. We've been intersecting additional, you know, intervals of mineralization that are outside the feasibility study.

Speaker #6: Yeah, so it's, you know, it's a nice model. It's a bulk deposit, so a lot less risk when it comes to variances between our, you know, expectations and modeling in actual results.

Speaker #6: yeah. Just on expiration, obviously we've continued exploring. At, at OcoWest, which is, which is a bit of a challenge at this point given that, most of our team on site is, is dedicated to construction.

Speaker #6: But yeah, we've been drilling, and we've been drilling to the north and to the south of the main pit. We've been intersecting additional intervals of mineralization that are outside the feasibility study.

Speaker 7: But we have been drilling, and we have been drilling to the north and to the south of the main pit. We have been intersecting additional intervals of mineralization that are outside the feasibility study. That is something that we will look to update the market on in the coming weeks, to be towards late August. But we do see additional splays coming off the main shear in the main deposit in Oko West. What that does is really bring in additional mineralization into the pit that has been modeled as waste in the feasibility study. So I think the conclusion is we see continued upside and growth in the resource. Terrific. That sounds great. Just maybe one last thing on the mill.

Speaker #6: so that's something that we'll look to, to update the market on, in the coming weeks to be a, you know, towards late August. but yeah, we do see, additional splays coming off the main shear, in the main deposit in, in OcoWest.

Louis-Pierre Gignac: That's something that we'll look to update the market on in the coming weeks to be at, you know, towards late August. Yeah, we do see additional splays coming off the main shear in the main deposit in Oko West. What that does is really bring in additional mineralization into the pit that's been modeled as waste in the feasibility study. Yeah, I think the conclusion is we see continued upside in growth in the resource.

Speaker #6: So what that does is really bring in additional mineralization into the pit that's been modeled as waste in the feasibility study.

Speaker #6: So, yeah. I think the conclusion is we see continued upside and growth in the resource.

Speaker #8: Terrific. That sounds great. Just maybe one last thing on the mill at TZ. When you look at the horsepower draw relative to the horsepower capacity, we often see a mill, as it reaches steady state, actually surpass rated capacity because there's some extra horsepower there.

Don MacLean: Terrific. That sounds great. Just maybe one last thing on the mill at TZ. When you look at the horsepower draw relative to the horsepower capacity, we often see a mill as it reaches steady state actually surpass rated capacity because there's some extra horsepower there. Do you think that's the case with TZ, or is it, you know, topping out at certain critical areas?

Conference Center Moderator: When you look at the horsepower draw relative to the horsepower capacity, we often see a mill, as it reaches steady state, actually surpass rated capacity because there is some extra horsepower there. Do you think that is the case with TZ, or is it topping out at certain critical areas?

Speaker #8: Do you think that's the case with TZ, or is it, you know, topping out at certain critical areas?

Louis-Pierre Gignac: What we've seen actually is just really kinda continued throughput. Obviously that'll be leveling out. Yeah, we see the ability to continue pushing the plant throughput. It'll have to do with some of the fine-tuning between our, you know, discharge grades on the SAG and, you know, getting additional throughput on that front. One thing that we've noticed is with these expert control systems that we put in place, we're able to really maximize the full capacity of the equipment. That's been playing, having a great effect on our throughput already.

Speaker #6: What we've seen, actually, is just really kind of continued throughput. So, obviously, that'll be leveling out. But yeah, we see the ability to continue pushing the plant throughput.

Operator: What we have seen actually is just really kind of continued throughput. Obviously, that will be leveling out. We see the ability to continue pushing the plant throughput. It will have to do with some of the fine-tuning between our discharge rates on the sag and getting additional throughput on that front. One thing that we have noticed is with these expert control systems that we put in place, we are able to really maximize the full capacity of the equipment. That has been playing, having a great effect on our throughput already.

Speaker #6: And it'll have to do with some of the fine-tuning between our, you know, discharge rates on the SAG and, you know, getting additional throughput on that front.

Don MacLean: Terrific. Well, congratulations again, and thank you.

Conference Center Moderator: Terrific. Well, congratulations again. Thank you.

Louis-Pierre Gignac: Thank you, Don.

Operator: Thank you, Don.

Operator 2: We have our final question from the web portal, and it is: Following the installation of the steel liners in April, you achieved 103% of nameplate throughput in May and 96% in both May and June. Could you provide an update on how throughput trended in July and what you've observed in August so far?

David Brown: We have our final question from the web portal. It is, following the installation of the steel liners in April, you achieved 103% of nameplate throughput in May and 96% in both May and June. Could you provide an update on how throughput trended in July and what you have observed in August so far?

Louis-Pierre Gignac: Yeah, basically, we're continuing on the trend of what we've accomplished since changing the liners in April. Yeah, that's looking to be continuing.

Operator: We are continuing on the trends of what we have accomplished since changing the liners in April. That is looking to be continuing.

Operator 2: There are no further questions in the queue. That concludes G Mining's Q2 2025 conference call. Thank you again for joining us. Stay connected via our email list and social media updates. Enjoy the rest of your day.

David Brown: There are no further questions in the queue. That concludes G Mining Ventures Corp.'s Q2 2025 conference call. Thank you again for joining us. Stay connected via our email list and social media updates. Enjoy the rest of your day.